What Are Some Great Questions to Ask a Real Estate Agent When Looking at a Property for Sale?
When you’re house hunting, it’s easy to get caught up in the excitement of finding your dream home. However, asking the right questions can help ensure you make an informed decision. Whether you’re a first-time homebuyer or a seasoned investor, it’s important to get the full picture before committing to a property. Here are some great questions to ask a real estate agent when looking at a property for sale:
1. How long has the property been on the market?
This question can give you insight into the property’s history. If it’s been listed for a while, there could be underlying issues that other buyers have noticed or it could be over priced perhaps. On the other hand, a recent listing could mean you’re in a competitive market where the property may get snapped up quickly.
2. Why are the owner’s selling?
Now keep in mind that a great agent won’t actually give much away here – they shouldn’t, but if they do, that’s all valuable information for you to know as far as the seller’s motivation and how keen they are to sell / how negotiable the price is.
3. What is the asking price based on?
Understanding the reasoning behind the asking price is essential. Ask if the price is reflective of comparable sales in the neighborhood and ask for a list of these, or if the value’s been adjusted based on recent improvements to the property. This can give you an idea of whether the price is reasonable or if there’s room for negotiation.
4. Are there any ongoing or upcoming assessments or fees?
Some properties, especially those in managed strata / body corporates, may come with additional costs. Make sure to ask if there are any future financial obligations associated with the property and what ongoing fees are. This will help you budget effectively. Also be sure to check out things to be careful of when buying a unit, flat or apartment.
5. How old is the property, and have there been any recent renovations?
The age of a property can provide clues about its maintenance needs. Asking about renovations will give you an idea of how much the current owner has invested in improving the home and if there are any hidden maintenance issues that could arise in the future.
6. What is the neighborhood like?
You’ll want to make sure the neighborhood aligns with your lifestyle. Ask the agent about the safety, amenities, schools, and general atmosphere. If you’re not familiar with the area, this question can provide valuable insight into what living there will be like. I also strongly recommend door knocking neighbouring properties and really getting a feel for who you’ll live nearby.
7. Are there any known issues with the property?
It’s always good to ask about any known issues, such as structural problems, water damage, or pest infestations. An honest real estate agent will inform you of any potential deal-breakers upfront.
Asking these questions will help you gain a clearer understanding of the property and make a more confident decision. Happy house hunting!